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TMI BlogSection 269STX X X X Extracts X X X X X X X X Extracts X X X X ..... Penalty u/s 269ST is attracted for cash transaction above Rs.2,00,000/- My query is whether section 269ST is attracted if a partner draws cash of Rs.50,000/- per month towards his current account. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Reply By Padmanathan Kollengode - The Reply = Section 269ST reads as follows: No person shall receive an amount of two lakh rupees or more- (a) in aggregate from a person in a day; or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank dra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ft or use of electronic clearing system through a 2[bank account or through such other electronic mode as may be prescribed]: Therefore if partner withdraws Rs.50,000/- per month, it is neither a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingle transaction nor related to one event or occasion exceeding Rs.2,00,000/-. Thus, in my opinion 269ST will not be attracted. - Section 269ST - Query Started By: - Ethirajan Parthasarathy D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated:- 1-6-2022 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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